Bitcoin price may be headed to $54,000, says analyst who forecast October's all-time high

Markets Bitcoin price may be headed to $54,000, says analyst who forecast October's all-time high Doctor Profit, a widely followed crypto analyst, says bitcoin is forming a “bear flag” pattern. By Omkar Godbole | Edited by Sheldon Reback Jun 22, 2026, 9:19 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on (sergeitokmakov/Pixabay) Summary Show Doctor Profit, a widely followed crypto analyst, said bitcoin is forming a “bear flag” pattern. A breakdown from this pattern could extend bitcoin’s decline, with an initial slide to roughly $54,000–$56,000 and then possibly as low as $40,000–$50,000. Chart pattern interpretations, however, are subjective and can fail. A hawkish Fed. Rising bond yields. Concerns about Strategy (MSTR). Bitcoin BTC $ 64,085.65 already has plenty working against it. Now an ominous chart pattern is adding to the uncertainty. The pattern is called a bear flag, and a breakdown could send the price of the largest cryptocurrency to as low as $54,000 initially, according to pseudonymous trader Doctor Profit , who called BTC's bull-market peak at $126,000 and the subsequent selloff. "Bitcoin is now forming a massive bearish flag on the daily timeframe," the trader wrote on X . "My target is a dump to 54-56k region first before we move sideways once again and afterwards another leg down and the bottom is close in the region between 40-50k in my opinion." Drawn on a chart, the pattern looks like a flag on a pole that's been flipped upside down. Here's how it works: An asset drops sharply and then sees a relief bounce. The slide represents the pole and the bounce becomes the flag. When the price drops below the lower end of the flag, it deepens the selloff, with the downward move roughly the same size as the initial decline. Doctor Profit's chart identifies bitcoin's selloff from the May high of $82,000 to under $60,000 by June 5 as the pole and the recent bounce to $68,000 as the flag. BTC's bear flag by Doctor Profit. (X, @DrProfitCrypto) It's worth keeping in mind that chart patterns aren't science. Two analysts can look at the same graph and draw the flag differently. Bear flags break down, but they also fail, and price can just as easily turn higher. That said, recent options market flows are consistent with Doctor Profit's conclusion. Last week, traders bought put options , signaling expectations of a near-term price slide to $52,000. Bitcoin News Technical Analysis Related Assets Bitcoin $ 64,085.65 0.093 % Latest Crypto News 1 Live markets: Bitcoin is stuck near $64,000 as ETF outflows reach a sixth week 1 hour ago 2 Bitcoin developers want to fix the 'replace this transaction with a higher fee' button. Here's why 3 hours ago 3 Ethereum validators asked to fund projects with up to 10% of staking rewards under new proposal 3 hours ago 4 XRP briefly loses $1.14 support before buyers drive sharp rebound 4 hours ago 5 Bitcoin holds near $64,000 as US-Iran talks progress but crypto sits out the rally 4 hours ago 6 Are perps swaps? A quick look at that CME suit: State of Crypto 14 hours ago 7 Ethereum's biggest 'sandwich' bot drained of $7.5 million in ironic exploit Jun 21, 2026 8 Bitcoin holds near $64,000 as a renewed Hormuz threat clouds US-Iran ceasefire talks Jun 21, 2026 9 AI is making crypto security cheaper, faster and harder to ignore Jun 20, 2026 10 How STRC lost its par: The timeline behind Strategy's preferred-stock meltdown Jun 20, 2026 Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Markets XRP briefly loses $1.14 support before buyers drive sharp rebound Bitcoin holds near $64,000 as US-Iran talks progress but crypto sits out the rally Bitcoin holds near $64,000 as a renewed Hormuz threat clouds US-Iran ceasefire talks More From Bitcoin Live markets: Bitcoin is stuck near $64,000 as ETF outflows reach a sixth week Bitcoin developers want to fix the 'replace this transaction with a higher fee' button. Here's why Ethereum validators asked to fund projects with up to 10% of staking rewards under new proposal